2006-06-09 13:34:11 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It basically means how many times were you 30, 60 or 90 days late in your mortgage or rent within the last 12 months.
For example a mortgage rating of 2x30 means that you were late twice for 30 days past due within the last 12 months.
This information is obtained by a Verification of Mortgage (VOM) or Verification of Rent (VOR) that is requested by the loan processor.
Regards...
2006-06-09 14:02:13 · answer #1 · answered by Anonymous · 3⤊ 0⤋
It is used to verify information not contained in your credit report. If your home loan wasnt showing up, they would require a mortgage rating, and if you are a renter they ask for 12 mos canceled rent checks or a rental rating.
2006-06-09 21:00:02 · answer #2 · answered by Jacque w 3 · 0⤊ 0⤋
most Lenders worry more about how you pay your mortgage/rent by far more than your payment history with other bills.
AAA no late mortgage/rental payments in 24 months, No BK/NOD
AA 0x30 12months
A 1x30
B 2x30
B- 1x60
C 1x90
( It may change with each lenders)
2x30 100% @ 620 FICO Score
http://www.1stmdloans.com
rondel@1stmdloans.com
2006-06-10 11:45:04 · answer #3 · answered by ron d 3 · 0⤊ 0⤋